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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Financial Instruments [Abstract]  
Schedule of Long-term Debt Instruments The components of our long-term debt are as follows:
March 31,December 31,
(MILLIONS OF DOLLARS)20232022
3.250% 2013 senior notes due 2023
$— $1,350 
4.500% 2015 senior notes due 2025
750 750 
5.400% 2022 senior notes due 2025
600 600 
3.000% 2017 senior notes due 2027
750 750 
3.900% 2018 senior notes due 2028
500 500 
2.000% 2020 senior notes due 2030
750 750 
5.600% 2022 senior notes due 2032
750 750 
4.700% 2013 senior notes due 2043
1,150 1,150 
3.950% 2017 senior notes due 2047
500 500 
4.450% 2018 senior notes due 2048
400 400 
3.000% 2020 senior notes due 2050
500 500 
6,650 8,000 
Unamortized debt discount / debt issuance costs(65)(66)
Less current portion of long-term debt— 1,350 
Cumulative fair value adjustment for interest rate swap contracts(26)(32)
Long-term debt, net of discount and issuance costs$6,559 $6,552 
Schedule of Maturities of Long-term Debt The principal amount of long-term debt outstanding, as of March 31, 2023, matures in the following years:
After
(MILLIONS OF DOLLARS)202320242025202620272027Total
Maturities$— $— $1,350 $— $750 $4,550 $6,650 
Schedule of Derivative Instruments The aggregate notional amount of derivative instruments are as follows:
Notional
March 31,December 31,
(MILLIONS)20232022
Derivatives not Designated as Hedging Instruments
     Foreign currency forward-exchange contracts $1,716 $1,753 
Derivatives Designated as Hedging Instruments
     Foreign exchange derivative instruments (in foreign currency):
          Euro 650 650 
          Danish krone600 600 
          Swiss franc25 25 
     Forward-starting interest rate swaps $50 $50 
     Fixed-to-floating interest rate swap contracts$250 $250 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The classification and fair values of derivative instruments are as follows:
Fair Value of Derivatives
March 31,December 31,
(MILLIONS OF DOLLARS)Balance Sheet Location20232022
Derivatives Not Designated as Hedging Instruments
   Foreign currency forward-exchange contractsOther current assets$16 $22 
   Foreign currency forward-exchange contracts
Other current liabilities
(15)(21)
Total derivatives not designated as hedging instruments$1 $1 
Derivatives Designated as Hedging Instruments:
   Forward-starting interest rate swap contractsOther noncurrent assets$9 $10 
   Foreign exchange derivative instruments Other current assets11 21 
   Foreign exchange derivative instruments Other noncurrent assets17 19 
   Foreign exchange derivative instruments Other current liabilities(14)(9)
   Foreign exchange derivative instruments Other noncurrent liabilities(6)(4)
   Fixed-to-floating interest rate swap contractsOther noncurrent liabilities(26)(32)
Total derivatives designated as hedging instruments(9)5 
Total derivatives$(8)$6 
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location The amounts of net losses on derivative instruments not designated as hedging instruments, recorded in Other (income)/deductions—net, are as follows:
Three Months Ended
March 31,
(MILLIONS OF DOLLARS)20232022
Foreign currency forward-exchange contracts$(16)$(6)
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) The amounts of unrecognized net (losses)/gains on interest rate swap contracts, recorded, net of tax, in Accumulated other comprehensive loss, are as follows:
Three Months Ended
March 31,
(MILLIONS OF DOLLARS)20232022
Forward-starting interest rate swap contracts$(1)$26 
Foreign exchange derivative instruments$(6)$12 
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location Gains on interest rate swap contracts, recognized within Interest expense, net of capitalized interest, are as follows:
Three Months Ended
March 31,
(MILLIONS OF DOLLARS)20232022
Foreign exchange derivative instruments$5 $3